Korean mobile games publisher Com2uS (KOSDAQ: 078340) has announced its financial results for Q2 2011, for the three months ending June 30.

Consolidated sales were 8.5 billion Won (around $8 million), up 17 percent year-on-year.

Operating profit was 700 million Won (around $0.65 million), up 2,296 percent

Net income was 1 billion Won (around $0.9 million), up 117 percent.

These results are provided using K-IFRS. Its financial statements for 2010 are re-prepared to adopt these new accounting standards.

Getting smarter

The company pointed to the strong growth of smartphone sales, up 214 percent year-on-year to 4.5 billion Won (around $4.2 million). This accounts for 53 percent of the company's total consolidated revenue.

This is linked with the rise of sales outside of Korea. Global sales accounted for 46 percent of the total; 3.9 billion Won (around $3.7 million), up 102 percent year-on-year.

Highlighted games included iOS title Tower Defense: Lost Earth, while older games such as Homerun Battle 3D, Slice It! and 9innings continue to generate revenue.

Faster, faster

For that reason, Com2uS is accelerating its smartphone development, with 20 titles planned for iOS and 16 for the Korean market in the remainder of 2011.

This activity will be reinforced with the hiring of up to 50 new staff to increase development capacity.

However, due to uncertainty about the strength of the Korea feature phone market, Com2uS has reduced guidance for its overall 2011 figures.

Annual revenue and earnings have been downgraded 9 percent; revenue is now around $37 million and net income around $4.5 million. It expects smartphone sales will account for around 62 percent of total 2011 sales.